BPI, Robinsons Bank in Talks for 'Potential Collaboration'

JG Summit and the Bank of the Philippine Islands on Friday said they were in talks for a "potential collaboration" between their banking units.

In separate disclosures to the stock exchange, JG Summit and BPI said they were in discussions in response to a news report published by philSTAR.com.

JG Summit is the parent company of Robinsons Bank under the master brand Gokongwei Group.

"Please be informed that the Bank of the Philippine Islands (BPI) is in the preliminary stage of discussions with Robinsons Retail Holdings, Inc. and JG Summit Capital Services Corp. on a potential collaboration between BPI and Robinsons Bank Corporation," JG Summit said.

"Please be informed that we are in discussions on a potential collaboration between BPI and Rbank. Further disclosures will be made at the appropriate time," BPI said.

Philstar, in its report, said that under the planned consolidation, BPI would emerge as the surviving entity and that the "Gokongweis would likely end up with a 6% stake in the 171-year-old bank led by the Ayala Group."

Editor's Note: Robinsons Retail, JG Summit, and Summit Media, which publishes Spot.ph, are part of the Gokongwei Group.